Bankrupt Addamo Winery Gets Buyout Offer From Far-Eastern Oilman

Bankrupt Addamo Estate Vineyards of Santa Maria has filed a Chapter 11 reorganization plan that relies on a purchase offer from controversial oilman Randeep Grewal whose various petroleum companies have chronically run afoul of environmental regulations along the California Coast, most frequently in Santa Barbara County.The company is facing charges  filed in U.S. District Court on a number of alleged violations.

Addamo Winery, owned by Gaetano David Addamo, filed for Chapter 11 bankruptcy protection on Jan. 13, 2010 listing assets of $12,031,567 and liabilities of $17,950,449.

According to court documents, the filing came in order to stop numerous foreclosure sales resulting from Addamo’s foray into real estate speculation that failed with the recent market crash.

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Also In This Article:

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• GREWAL: A HARD-CHARGING EMPIRE BUILDER

• FREQUENT SPILLS BLAMED ON SABOTAGE, AGING INFRASTRUCTURE

• GREWAL IS MAJOR GLOBAL PLAYER, ESPECIALLY IN CHINA

• SECURED CREDITORS MADE WHOLE, UNSECURED TO GET PENNIES ON THEIR DOLLARS

• LIST OF UNSECURED CREDITORS NUMBERS 102

• SEPTEMBER HEARING SCHEDULED ON PLAN & DISCLOSURE STATEMENT

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